Chief Health Actuary

Position Overview

The Illinois Department of Insurance is seeking to hire an Actuary III in the Health Actuarial Unit of the Actuarial Services Section in the Financial Solvency Division.  This position performs highly responsible professional actuarial work; determines compliance of health insurance firms with the Illinois Insurance Code, the Patient Protection and Affordable Care Act, and professional standards of practice; serves as an expert on health actuarial issues; consults with insurance actuaries and representatives; advises and suggests methods of solving problems; reviews, researches and evaluates health actuarial phases of proposed legislation and determines necessity for changes; directs the review of loss ratio filings for Medicare supplement and long term care insurance, Medicare supplement refund calculations and risk based capital calculations; serves as working supervisor. We invite all qualified candidates to apply.

Essential Functions

• Determines compliance of health insurance firms with the Illinois Insurance Code, the Patient Protection and Affordable Care Act, and professional standards of practice.
• Serves as working supervisor of professional actuarial staff.
• Serves as an expert on health actuarial issues.
• Reviews, researches, and evaluates health actuarial phases of proposed legislation and determines necessity for changes.
• Directs the review of loss ratio filings for Medicare supplement and long-term care insurance, Medicare supplement refund calculations and risk-based capital calculations.
• Reviews, researches, and evaluates reserve methodology for new or unusual health products for which there is little or no statutory reserve guidance.
• Performs other duties as required or assigned which are reasonably within the scope of the duties enumerated above.

Minimum Qualifications

• Requires knowledge, skill and mental development equivalent to completion of four years of college, with evidence of courses in higher mathematics, such as calculus, probability and statistics.
• Requires five years of professional experience in actuarial work in the life, accident and health or casualty and property insurance field.

Specialized Skills

• Requires attainment of Associate of the Society of Actuaries (ASA) designation or attainment of Fellow of the Society of Actuaries (FSA) designation.
• Requires membership in the American Academy of Actuaries (MAAA).
• Requires five (5) years professional experience in actuarial work in the health field.

Preferred Qualifications

• Prefers attainment of Associate of the Society of Actuaries (ASA) designation or attainment of Fellow of the Society of Actuaries (FSA) designation.
• Prefers membership in the American Academy of Actuaries (MAAA).
• Prefers five (5) years professional experience in actuarial work in the health field.
• Prefers three (3) years of experience working with insurance principles, insurance company practices and state laws regulations governing operations.
• Prefers three (3) years of experience working with higher mathematics, particularly as related to actuarial computations and accounting principles and practices in the field of health insurance.
• Prefers three (3) years of experience working with complex actuarial research and statistical computations, and projects to furnish administrators with current and timely information.
• Prefers one (1) year of experience working with other state agencies, legislative officials, insurance company officials and the general public and to represent the agency in conferences and speaking appearances.
• Prefers at least one (1) year of experience supervising and directing the work of others.

Employment Conditions

• Requires ability to pass a background check.
• Certain provisions of the revolving door restrictions contained in 5 ILCS 430/5-45 apply to this position. As a result, the employee should be aware that if offered non-State employment during state employment or within one year immediately after ending State employment, the employee shall, prior to accepting any such non-State employment offer, notify the Office of the Executive Inspector General for the Agencies of the Illinois Governor (OEIG) or may be subject to a fine.

The conditions of employment listed here are incorporated and related to any of the job duties as listed in the job description.

About the Agency

The Department of Insurance (DOI) regulates the insurance market in the State of Illinois including, but not limited to, licensing and educating insurance agents, investigating Workers Compensation fraud, and examining the operations and finances of insurance companies domiciled in the state. We are committed to protecting consumers and regulating the insurance industry with innovation and efficiency. DOI has approximately 220 employees who are split between our Chicago and Springfield offices.

State of Illinois employees enjoy a robust benefit package, including:
    • Health, Life, Vision, and Dental Insurance
    • 13 Paid Holidays annually, 14 on even numbered years
    • 10-25 days of Paid Vacation time annually - (10 days in year one of employment)
    • 12 Paid Sick Days annually (sick days carry over from year to year)
    • 10 Weeks Paid Maternity/Paternity Leave
    • 3 Paid Personal Days annually
    • Pension Plan
    • Deferred Compensation Program and other pre-tax benefit programs (Medical/Daycare)
    • Flexible work schedules may be available, dependent upon position
    • Tuition Reimbursement Program and Federal Public Service Loan Forgiveness Program eligibility
    
Visit https://www2.illinois.gov/cms/benefits/Pages/default.aspx for more information about our benefits.